A strategic partnership has officially been signed between Ho Chi Minh City International Financial Center (HCMC IFC), VinaCapital, and the Global On-chain Economic Alliance at the Investment Promotion Conference for Digital Infrastructure and Big Data Centers held in HCM City on February 8.
Under this agreement, the parties will collaborate to research, develop, and operate the HCMC Digital Asset Fund.
The fund is envisioned as a "market-making" capital source, designed to facilitate the formation of an on-chain financial ecosystem within the framework of the IFC. According to the development plan, the fund will be raised and deployed in multiple phases, with a total target size of $1 billion.
This initiative aligns with the directives of the Government's Resolution 05, which mandates that the pilot implementation of a crypto-asset market must be conducted with a cautious, controlled approach and a roadmap suited to practical realities. The primary goals are to ensure safety, transparency, and efficiency while protecting the legal rights and interests of all participating organizations and individuals.
Notably, a key regulatory requirement was highlighted: to conduct transactions related to the purchase or sale of crypto assets in Vietnam, foreign investors will be required to open a Vietnamese Dong (VND) payment account at an authorized bank or a foreign bank branch licensed to provide foreign exchange services in Vietnam.
This development follows earlier discussions at the "Legal Framework and Development Models for Vietnam’s Digital Asset Market" dialogue, organized by VnEconomy/Vietnam Economic Times. During that event, Mr. To Tran Hoa, Permanent Vice Chairman of the Management Board for the Crypto Asset Trading Market (State Securities Commission), outlined Vietnam’s regulatory vision for the market, which consists of two main components:
In the primary market, the regulator aims to encourage domestic enterprises to issue crypto assets backed by real-world assets (RWA) to foreign investors. This strategy is intended to mobilize international resources to support economic development and achieve double-digit growth.
In the secondary market, during the pilot phase, both domestic investors currently holding crypto assets and foreign investors will be permitted to open accounts with licensed service providers to conduct trades under the regulatory framework of the authorities.
Google translate